What is a Family Office?

CEO Founders: What is a Family Office?

As a CEO Founder, you've been working every day growing your business and may find that your business has overtaken your life. Who do you rely on to help you navigate and streamline your affairs before and after your liquidity event?

In this era of increased automation and democratization of information, there are options to satisfy most everyone's level of risk, fee tolerance and those with a willingness to do their homework.

Your financial future, however, is not determined solely by the performance of your investments. There are tax considerations, legal implications, estate planning issues, and a host of other factors that come into play — and they all interact with one another.

A Family Office takes a holistic view of your comprehensive needs, fleshing out your goals and priorities, mapping out a cohesive financial plan, and layering value-added services including portfolio, tax, legal, private banking, family governance and lifestyle.

The concept of a Family Office began years ago when very wealthy families had their affairs tended to by an “office” of assistants. They were responsible for ensuring their assets were well invested and properly protected. They handled cash streams, bills, and payments, coordinated estate plans, taxes, and legal affairs. They also took care of family travel, lifestyle administration, and logistical details. The family’s legacy was defined, philanthropy established, and future generations covered. One stop shopping.

Today, Family Offices continue to provide personalized services dedicated to your family's needs. What has become a game changer are the principles through which a Family Office operates. Transparency is the key to knowing which side of the table your team sits on and how they are being paid, down to the fees and costs. Whether an advisory model is fee-only, fee-based, commission-based or a combination, transparency promotes clarity and is a means to fleshing out the details of total cost.

True Fiduciary® standards embrace transparency and the legal obligation to place your best interests first. At Cresset, True Fiduciary® Standards are the guiding principles for our fee-only Family Office services and we are happy to provide a notarized copy of these standards to each CEO Founder, entrepreneur, wealth creator and ultra-high-net-worth family we serve.

A Family Office establishes a personalized relationship with you and aims to find valuable ways to provide security and peace of mind for generations to come. Complexity simplified.

PagnatoKarp | Cresset

Specializing in Intelligent Wealth Management™ for CEO Founders, entrepreneurs, wealth creators, and high-net-worth families. With True Fiduciary® standards of Transparency®, your interests come first with a focus on asset protection, cash flow, and open access. Our Family Office goal is to simplify and elevate your life so you have more time to spend on what matters to you most.

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